Change in interest in Tanzania

abarrelfullabarrelfull wrote on 04 Oct 2011 13:04
Tags: petrobras shell tanzania upstream

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Petróleo Brasileiro S.A. – Petrobras announces that by means of its subsidiary Petrobras Tanzania Ltd, it has entered a Farm-Out Agreement granting 50% of its interest in blocks 5 and 6 in Tanzania to Shell Deepwater Tanzania BV.

The blocks are located offshore Tanzania, in the Indian Ocean, and are nestled at water depths ranging from 600 to 3,000 meters. Petrobras Tanzania, which held 100% interest in each of the blocks before the transaction, remains the operator of both. National oil company TPDC Tanzanian Petroleum Development Corporation is the concessionaire of both blocks.

The Zeta-1 well is currently being drilled in block 5, and the work is expected to be completed by the end of the year. Meanwhile, the 3D seismics interpretation work is still underway for block 6.

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